Cybercrime is becoming more complex as technology develops. As a result, hackers are causing more significant harm to businesses, governments, and individuals with each passing year.

Experts expect cybercrime to grow at a 15% yearly rate until 2025, with related expenses exceeding $10.5 trillion, according to a report from Cybersecurity Ventures. To keep current on cyber security and avoid serious vulnerabilities in your business, you must be aware of key cyber security trends that are expected to emerge in the near future so that you can take the required precautions.

Here are the top themes that we believe will influence cybersecurity measures in 2023 and beyond.

1. Passwordless authentication will supersede password-based solutions.

Passwordless digital landscapes are increasingly being used by businesses all over the globe. Gartner has seen an increase in the number of customers requesting passwordless solutions and has put Passwordless Authentication at the top of their Impact Radar for 2023 — as a top technological trend for this year. With 579 passwords being hacked every second, it’s evident that these “secret” codes aren’t that hidden and may do more damage than good.

Passwordless authentication is accomplished by the interplay of public and private keys that are unique to each user, resulting in a highly secure and easy method of accessing protected databases, applications, and web-based accounts.

Passwordless approaches, whether via fingerprint biometrics, tokens, or one-time codes, free users from the time-consuming effort of creating, remembering, and rotating complicated passwords — all while reducing the danger of expensive breaches caused by compromised credentials.

Many businesses find it difficult to envision a future in which legacy solutions are rendered obsolete, especially when that future requires a considerable financial commitment. However, the last decade has shown that one thing businesses can rely on is technology developing by leaps and bounds in short periods. Unfortunately, this tendency has driven numerous organizations out of business when they fail to be proactive. Companies who take forecasts seriously, on the other hand, can change as needed and will find themselves at the forefront of their respective marketplaces.

As an example, consider the music business. Not long ago, vinyl was the dominant means for music dissemination; before that, cassette recordings. CDs followed shortly after. The majority of people across the globe now listen to their favourite musicians through streaming services such as Spotify, Pandora, and Apple Music. Cyber security will undergo a similar drastic transformation in the near future as more companies implement passwordless access, and firms who act sooner rather than later will benefit significantly.

2. OT security will become more important.

Because operational technology (OT) is becoming a component of the global IoT infrastructure, your company will need to protect it just like any other piece of your IT system. Modern operational technology is automated, responsive, and intelligent. Maintenance engineers no longer need to be on-site to debug a problem and may access OT equipment remotely. While very advantageous, this IT-OT convergence presents another opportunity for hackers and considerable risk for organizations dealing with OT technology.

Cyber attacks against OT systems are meant to cause harm to a company’s products, services, and people by seizing control of an entire factory or site, as one gang of hackers attempted to do in 2017. The Triton/Trisis hack was directed against a Saudi oil business, and the early infiltration remained unreported for months. It wasn’t discovered until the plant’s safety system prompted an automated plant-wide shutdown in response to suspected efforts to modify configuration settings. The attack may have progressed to a hydrogen sulphide leak or an explosion if not for the established security mechanism.

As a result, experts recommend that older equipment be updated to accommodate monitoring software that swiftly identifies abnormalities caused by hostile actors. Taking the time to develop a comprehensive OT security strategy will build a fort that will make it more difficult for hackers to breach, giving you time to react before the issue worsens.

More information on safeguarding the crucial access management lifecycle in OT may be found here.

3. There will be a greater emphasis on defensive cyber security.

Cybercriminals may shut down not only a company but even a whole country. Because many governments depend on multi-vendor supply chains, data must be properly monitored, regulated, and controlled between enterprises in order to prevent establishing back alleys through which hackers might infiltrate.

IT specialists have praised Zero Trust Architecture for its cautious approach. According to Stanford University and Tessian, an internal human mistake caused by stress, fatigue, time constraints, or a lack of sufficient cyber security training accounts for 85 percent of data breaches.

Early last year, the Biden Administration updated an executive order on cyber security to require stricter adherence to the zero trust rule in nationwide firms. As cyber warfare’s threat grows, private and public entities are expected to adhere to baseline requirements, which include, among other things, application-level multi-factor authentication (MFA), just-in-time access, device-level user authorization processes, enterprise device inventory management, and encrypted DNS requests. However, government authorities and companies agree that this may take some time to implement fully. According to Osterman Research, over 65 percent of businesses estimate zero trust will take at least two years to become common practice in their firm.

Nonetheless, recent attacks have prompted government authorities to pay more attention to and respond to cybercrime.

Last year, a gang of hackers remotely entered a secret network using a leaked password, gaining access to the inner workings of Colonial Pipeline Co., one of the biggest petroleum distributors in the United States.

At the time of the attack, the organization did not deploy MFA or a passwordless option, making it more straightforward for hackers to access sensitive accounts. The event ended up costing the company $4.4 million in ransom.

Just a year ago, SolarWinds was the victim of a breach that affected 18,000 of its clients, including the Department of Homeland Security, Microsoft, Deloitte, the National Nuclear Security Administration, and other well-known businesses. A gang of crooks entered SolarWinds’ database and put malware in their system in this instance. The malicious malware was then accidentally sent to users through a software update, enabling the hackers to spy on them while they were unaware.

Current global tensions, worsened by the crisis in Ukraine, have raised worries of crippling countrywide cyberattacks — but it has also bolstered a hitherto contentious type of partnership between the government and private sectors. When the Obama Administration attempted to encourage cyber security businesses to collaborate with federal security agencies, plans fell through when allegations of government infiltration surfaced. However, since cyberattacks are impacting both sectors more often, policymakers recognize that they must collaborate to avoid a digital disaster.

4. Email security will be improved.

According to Tessian, 96 percent of phishing efforts begin with an email, and more than 85 percent of firms have at least one person fall for them. So, why do companies continue to depend on email for internal and external communication? Many organizations, like legacy machines, are unwilling to replace an affordable solution with a costly and new one that would take time to introduce and educate personnel on.

However, email fraud continues on the rise, thanks partly to continued political unrest and COVID-induFOR DAN: Cybersecurity Trends to Track in 2023ced work-from-home conditions. Phishing schemes reach employee mailboxes at 14 emails per year as of 2021.

As a consequence, technology experts recommend that businesses begin encrypting emails and categorizing them based on their level of secrecy.

Because not all data is created equal, companies must employ email security measures that reflect the significance and secrecy of particular email threads. Classifying emails also gives a systematic approach to email management, allowing company executives to monitor and identify material and handle it based on its sensitivity level. This is particularly crucial as hackers get more inventive in their email structure and wording. According to Symantec’s 2019 Internet Security Threat Report, most scam emails seem like urgent notices, bills, or receipts from well-known companies. As it gets increasingly difficult to discern between legitimate and fraudulent emails, organizations must create a system that can do so with pinpoint precision.

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About Rhyno Cybersecurity Services

Rhyno Cybersecurity is a Canadian-based company focusing on 24/7 Managed Detection and Response, Penetration Testing, Enterprise Cloud, and Cyber Security Awareness Training Solutions for small and midsize businesses.

Our products and services are robust, innovative, and cost-effective. Underpinned by our 24x7x365 Security Operations Centre (SOC), our experts ensure you have access to cybersecurity expertise when you need it the most.